ADB loans $113 mn to CLP’s India unit

New Delhi: The Asian Development Bank (ADB) will extend rupee loans worth $113 million to the Indian unit of CLP Holdings to partly fund wind power projects.

Hong Kong’s largest power utility, CLP plans to set up two wind power projects in Gujarat and Karnataka states at a total cost of Rs9.9 billion ($248 million) and add 183.2 megawatts in capacity in the two states.

“ADB is loaning Rs4.45 billion, and the private sponsors will use internal funds and long-term debt from other sources to complete the funding requirements,” ADB said in a statement.

India, which is the third largest electricity consumer in Asia behind China and Japan, mainly meets its demand through thermal and hydro power units. It has more than 7,200 MW of installed wind power capacity, but has the gross potential for more than 45,000 MW.